Nippon Yusen Kabushiki Kaisha (NYK) has agreed to acquire a 30 per cent stake in Trudvang CCS ANS, operator of the Trudvang carbon capture and storage (CCS) project in Norway.
The deal will expand the Japanese shipping group’s role beyond CO₂ transport into storage infrastructure.
The deal will also give NYK a corresponding 30 per cent interest in Norway’s CO₂ storage exploration licence EXL007, subject to regulatory approvals and other closing conditions.
The transaction is expected to be completed through a wholly owned Norwegian subsidiary that NYK plans to establish.
The Trudvang project is being developed on the Norwegian Continental Shelf and aims to transport captured CO2 from industrial emitters in Europe for offshore injection and permanent geological storage. Technical and commercial studies are currently under way. Vår Energi operates the project, with INPEX Idemitsu Norge AS participating as a partner.
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Following completion, NYK’s planned subsidiary will join the project alongside the existing partners. The investment builds on NYK’s existing work in the CCS sector through Knutsen NYK Carbon Carriers (KNCC), its 50:50 joint venture with the Knutsen Group focused on liquefied CO2 (LCO2) transportation.
NYK has also been exploring opportunities across the wider CCS value chain, including marine transport, offshore handling and injection, and geological storage. The company said participation in Trudvang would allow it to develop practical expertise in CCS project development and the technical and commercial aspects of CO₂ transport and storage.
An integrated value chain connecting industrial emitters with CO2 transport, injection and permanent storage will be critical to the development of CCS projects, according to NYK.
The company plans to draw on experience from its marine and offshore businesses, including exploration and drilling, refining, liquefaction and storage, as it expands into the transport and storage segments of CCS.
For more information:
Nippon Yusen Kabushiki Kaisha – https://www.nyk.com/english/
